cost basis and capital gains Hi all quick question. In 2009 when the market was at its low I invested $10,000 in a series of mutual funds. As the stock market grew my account quickly gained value to $14,000. Last summer I decided it was time to pull some of the gain, so I took out $5,000 which still left $9,000 in the account. On my 1099 from schwab it shows a total gross proceeds of 5,005.87.
My instincts tell me since my initial investment was $10,000 of which I only pulled $5,000 so shouldn't owe any capital since I didn't exceed my cost basis.
If anyone could shed any light on this it would be appreciated.
Thanks,
Matt |